By Henri Theil (auth.), Baldev Raj, Johan Koerts (eds.)
PREFACE TO the gathering PREAMBLE The editors are happy to provide a variety of Henri Theil's contributions to economics and econometrics in 3 volumes. In quantity I we have now supplied an outline of Theil's contributions, a quick biography, an annotated bibliography of his study, and a range of released and unpublished articles and chapters in books facing issues in econometrics. quantity II includes Theil's contributions to call for research and knowledge concept. quantity III contains Theil's contributions in fiscal coverage and forecasting, and administration technological know-how. the choice of articles is meant to supply examples of Theil's many seminal and course breaking contributions to economics in such components as econometrics, records, call for research, info concept, financial coverage research, aggregation thought, forecasting, index numbers, administration technology, sociology, operations study, larger schooling and lots more and plenty extra. the gathering is usually meant to function a tribute to him at the get together of his 67th birthday.! those 3 volumes additionally spotlight a few of Theil's contributions and repair to the occupation as a pace-setter, consultant, administrator, instructor, and researcher. Theil's contributions, which surround many disciplines, were broadly stated either in clinical journals. those citations frequently position Theil one of the best 10 researchers (ranked in response to variety of occasions brought up) on the planet in a variety of disciplines.
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Extra info for Henri Theil’s Contributions to Economics and Econometrics: Volume III: Economic Policy and Forecasts, and Management Science
Investment was roughly of the order of 10 per cent of consumption during the twenties. 20. As to the requirement of a fair distribution of income, finally, we suppose that it is deemed desirable to restore the original ratio of profits to the private wage bill. The most convenient way to handle this is to introduce a "distribution variable" D = WI - 2IT, and to put its desired level in 1936 equal to zero: D3~ = o. So far, we confined our attention to the ultimate goals to be reached in 1936. We must also specify desired values in the intermediate years, however.
4 5 Ragnar Frisch: 1950, "L'emploi des modeles pour i'elaboration d'une politique economique rationnelle," Revue d' economie politique, 60, pp. , 620 sqq. 6 Tinbergen, op. cit. 1062 H. Theil for, say, the case in which the Government considers alternative decisions according to which a certain set of schools should be operated by itself or by some religious authority. As to the relations among the x's and the y's, we shall only need a vector of relations describing each indirect variable as an explicit function of the instruments and of the deviations.
Some Problems Connected with Tinbergen's Approach It will be clear that this approach is simple and therefore attractive, but at the same time that several difficulties are involved. First, there are in general certain exogenous variables in the system which cannot be controlled by the policy-maker. The weather is a classical example, but several others are more important in this connection, like the international price level of raw materials, the national incomes of other countries, etc. If the system Current Economic Thought in Europe 1079 contains such variables and if the policy-maker is concerned with the economic situation of next year (say), then he should make a prediction of the values which these variables will assume in next year.